Unsecured Poor Credit Credit Cards – Any Chance of Low Interest Rates?
Posted on | November 16, 2009 | No Comments
Getting an unsecured poor credit credit card with a low interest rate is something that is nearly impossible. After the credit crisis many credit card companies figured out that they can not offer low interest rates to bad credit borrowers. They basically found out that they can’t offer low interest rate to any borrower’s at the current time and make any money.
With this being the case only the best borrowers out there are going to find an interest rate at any respectable rate. Even some of the best borrowers are finding that their interest rates are increasing to 10 or 15% on their credit cards. The Houston never happen in the past as many good credit borrowers had interest rates as low as 4.99% on their cards.
It seems now that almost every borrower has an interest rate of over 10% on their credit cards. There have been reports that credit card companies are going to continue to increase rates as there is no way for them to be profitable with low rates on the cards. The fact that many bad credit borrowers are not making any payments on their credit cards is causing them to increased rates and lower limits.
There are credit card companies out there who are still willing to take a chance on you but you will have to do a lot of research to find them. The days of 0% APR for the introductory period are almost gone. We can all remember getting these offers in the mail almost daily but it seems it never happens anymore after the credit crisis.
If you want to get a credit card and you have very bad or poor credit than you are going to have to do your homework to see which credit card companies will not only offer you a credit card but what interest rate they will give you in one limit they are going to offer. It is very likely that you are going to find a very high interest rate and a low limit and there is also a chance that they will slap you with an annual fee as well.
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Author: Alan Lake
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